Why is it in the news?
- The Lower House of Nepal’s Federal Parliament endorsed the Charter of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC).
More about the news
- The BIMSTEC Charter is a foundational document that delineates the goals, principles, and structure of the BIMSTEC group.
- It was signed and adopted in March 2022 during the 5th BIMSTEC Summit.
- The Charter specifies that it will come into force only after being endorsed by all member countries’ respective parliaments.
- Apart from Nepal, the respective parliaments of other BIMSTEC member countries have already endorsed the charter.
| About BIMSTEC
· BIMSTEC, formed in 1997, aims to enhance regional cooperation on various issues including economic prosperity and social progress. · Member countries of BIMSTEC include Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand.
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